TODAY'S BUSINESS HEADLINES

Bangko Sentral concedes BOP to end year in the red 21-Nov-14, 7:07 PM | Scarlet Venilia, InterAksyon.com

Ayala's semiconductor unit prices maiden share sale below the ceiling 21-Nov-14, 5:03 PM | Krista Angela M. Montealegre, InterAksyon.com

Bargain hunters push up PH stock index at week's close 21-Nov-14, 4:27 PM | Krista Angela M. Montealegre, InterAksyon.com

Pure Foods acquires maker of La Pacita biscuits 21-Nov-14, 2:11 PM | Krista Angela M. Montealegre, InterAksyon.com

Business confidence for the fourth quarter hits highest in more than three years 21-Nov-14, 11:27 AM | Scarlet Venilia, InterAksyon.com

Lepanto secures indigenous people's consent to Far Southeast copper-gold project

InterAksyon.com means BUSINESS

MANILA - Lepanto Consolidated Mining Co today said it marked a milestone in its quest for a financial or technical assistance agreement (FTAA) for its Far Southeast Project in Benguet province.

In a disclosure to the Philippine Stock Exchange, Lepanto said 85 of the leaders of an indigenous people living in barangays in and around the project area in Mankayan town endorsed the FTAA for Far Southeast Gold Resources Inc (FSGRI).

“The taking of the vote is a significant step in the free and prior informed consent (FPIC) process, a prerequisite to the issuance of an FTAA to FSGRI,” Lepanto said.

Lepanto owns 60 percent of the project, with South Africa's Gold Fields Ltd holding the remaining 40 percent. Under a deal it struck with its Philippine partner, Gold Fields has the option to purchase another 20 percent of the project, the trigger being the approval of the FTAA.

Initial drilling at the project site yielded a mineral resource estimate of 19.8 million ounces of gold and 4.5 million metric tons of copper.

 

OTHER BUSINESS STORIES
BREAKING NEWS